New York State Teachers Retirement System Sells 2,999 Shares of American Tower Corporation $AMT

New York State Teachers Retirement System trimmed its stake in American Tower Corporation (NYSE:AMT) by 0.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 374,107 shares of the real estate investment trust’s stock after selling 2,999 shares during the period. New York State Teachers Retirement System’s holdings in American Tower were worth $71,948,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Abound Wealth Management boosted its stake in American Tower by 137.3% during the third quarter. Abound Wealth Management now owns 140 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 81 shares during the period. Legacy Investment Solutions LLC bought a new stake in shares of American Tower in the 2nd quarter worth about $31,000. VSM Wealth Advisory LLC boosted its stake in shares of American Tower by 136.4% during the 2nd quarter. VSM Wealth Advisory LLC now owns 156 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 90 shares during the period. Salomon & Ludwin LLC grew its holdings in American Tower by 147.9% during the 3rd quarter. Salomon & Ludwin LLC now owns 181 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 108 shares during the last quarter. Finally, City Holding Co. purchased a new stake in American Tower in the 3rd quarter worth about $35,000. Hedge funds and other institutional investors own 92.69% of the company’s stock.

Wall Street Analyst Weigh In

AMT has been the subject of several recent analyst reports. JPMorgan Chase & Co. dropped their target price on American Tower from $255.00 to $250.00 and set an “overweight” rating for the company in a research report on Wednesday, October 29th. Argus set a $210.00 price objective on American Tower in a report on Thursday, October 30th. Raymond James Financial reiterated a “strong-buy” rating and issued a $231.00 target price (down previously from $250.00) on shares of American Tower in a research note on Wednesday, October 29th. Morgan Stanley lowered their target price on shares of American Tower from $255.00 to $235.00 and set an “overweight” rating for the company in a research note on Thursday, December 4th. Finally, Wall Street Zen upgraded shares of American Tower from a “sell” rating to a “hold” rating in a report on Sunday, October 12th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, American Tower has a consensus rating of “Moderate Buy” and an average target price of $225.22.

Insider Buying and Selling

In related news, Director Eugene F. Reilly purchased 5,554 shares of American Tower stock in a transaction dated Friday, October 31st. The stock was purchased at an average cost of $178.99 per share, with a total value of $994,110.46. Following the transaction, the director owned 5,689 shares in the company, valued at approximately $1,018,274.11. The trade was a 4,114.07% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Tower Corp /Ma/ American sold 2,288,621 shares of the company’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $69.75, for a total value of $159,631,314.75. Following the sale, the insider owned 211,379 shares of the company’s stock, valued at $14,743,685.25. This trade represents a 91.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.17% of the company’s stock.

American Tower Price Performance

AMT opened at $168.56 on Friday. The company has a market capitalization of $78.91 billion, a price-to-earnings ratio of 26.93, a PEG ratio of 0.64 and a beta of 0.92. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.24. American Tower Corporation has a 12-month low of $166.88 and a 12-month high of $234.33. The business’s fifty day simple moving average is $177.95 and its 200-day simple moving average is $194.73.

American Tower (NYSE:AMT) last released its quarterly earnings data on Tuesday, October 28th. The real estate investment trust reported $2.78 earnings per share for the quarter, topping analysts’ consensus estimates of $2.64 by $0.14. The company had revenue of $2.72 billion during the quarter, compared to analyst estimates of $2.65 billion. American Tower had a net margin of 28.11% and a return on equity of 28.79%. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.52 earnings per share. American Tower has set its FY 2025 guidance at 10.600-10.720 EPS. On average, equities research analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, December 29th will be issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Monday, December 29th. American Tower’s dividend payout ratio (DPR) is presently 108.63%.

American Tower Company Profile

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.